Bulking up to ensure a future

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Quantitative easing has widened inequality. Also, by boosting the value of assets held more widely by older people, it has led to an increase in inter-generational inequality. And, as the assets it has lifted in value are mainly financial ones such as bonds and stocks, it has hit corporate investment in capital goods.

This is not a wild-eyed left-winger speaking, but Nigel Wilson, Legal & General’s chief executive.

He might have added that the unfairness he describes has been compounded, here, by ringfencing universal benefits for the elderly while younger people have endured tax increases and benefit cuts in the